Shares of Block, which was attacked by short-seller Nathan Anderson and his at Hindenburg Research, failed to recover after the release of the disastrous report on Thursday. The report accuses Block of systematic crime facilitation, misrepresentation, and investment fraud. Block co-founder Jack Dorsey’s net worth plunged by $526 million. He’s now worth $4.4 billion after the 11% drop, according to the Bloomberg Billionaires Index.
Jack Dorsey, who also co-founded Twitter, has most of his personal fortune tied up in Block. The Bloomberg wealth index estimates his stake in the firm is worth $3 billion, while his position in Elon Musk‘s social media company Twitter is valued at $388 million.
Hindenburg Research is run by Nathan Anderson. The firm released an investigation into Gautam Adani and his empire earlier this year, causing his companies’ stocks to plummet and erasing tens of billions of dollars from his net worth. Adani, previously the world’s second-richest person, now ranks 21st on Bloomberg’s wealth index with a $60.1 billion fortune.
